Dealing with the debt crisis:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C.
1990
|
| Ausgabe: | 2. print. |
| Schriftenreihe: | A World Bank symposium
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Literaturangaben |
| Beschreibung: | XIV, 308 S. graph. Darst. |
| ISBN: | 0821312464 |
Internformat
MARC
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Datensatz im Suchindex
| _version_ | 1804124632285970432 |
|---|---|
| adam_text | Contents
Contributors xiii
1. Introduction 1
Ishrat Husain andMac Doom
The Debt Crisis in Perspective 2
Debt Management: Prom the Baker Plan to the Brady Initiative 3
The Need for Debt Reduction 7
Debt Reduction and the Menu Approach 9
Note 11
PARTI THE DEBT CRISIS IN PERSPECTIVE 13
2. The Extent and Causes of the Debt Crisis of the 1980s 15
John T. Cuddington
The Emergence of the Debt Crisis 15
The Macroeconomic and Financial Environment
of the 1970s 23
Developing Country Policies 32
Conclusions 38
Notes 39
References 40
Comment, Albert Fishloiv 42
3. The External Debt Difficulties of Low Income Africa 45
Charles Humphreys and John Underwood
Why Low Income Africa s Debt Problem is Different 46
Responses to Date 51
Evaluating the Options 53
The Problem of Commercial Bank Claims 55
Conclusions 56
Notes 56
Appendix: Interpreting the Data 57
Notes 58
References 59
Comment, Stephen A O Cormel! 66
vii
4. Dealing with Debt: The 1930s and the 1980s 69
Barry Eichengreen andRichardPortes
The Lending Stage 70
Causes of Default 72
Macroeconomic Repercussions of Default 73
Default and Capital Market Access 77
The Settlement Process 78
Terms of Settlement 79
Government Intervention 80
Global Plans 80
Market Solutions 81
Conclusions 82
Notes 83
References 85
Comment, Marilyn Skiles 86
PART II DEBT MANAGEMENT IN THE LATE 1980s 89
5. Fiscal Adjustment and Deficit Financing during the
Debt Crisis 91
William R. Easterly
Changes in External Debt Flows 92
Fiscal Adjustment during the 1980s 92
Financing of Public Deficits and Macroeconomic Outcomes 94
Deficit Financing in the High Debt Countries 99
Conclusions and Extensions 102
Notes 102
References 113
Comment, DaniRodrik 113
6. Public Debt, North and South 116
Helmut Reisen
Why Government Debt Is Still Rising 116
How to Contain the Rise in Government Debt 123
Possible Remedies 124
Notes 126
References 126
Comment, Vito Tanzi 127
7. The Commercial Bank Claims on Developing Countries:
How Have Banks Been Affected? 129
Harry Huizinga
The Secondary Market for Developing Country Loans 130
The U.S. Bank Experience 131
Debt Reduction Schemes Impact on U.S. Bank Stock Prices 132
Caveats 134
The Brazilian Moratorium 134
Major Non U.S. Creditor Banks 135
Taxation, Accounting, and Other Regulations 137
Conclusions 139
Notes 139
Appendix A: Secondary Market Price Regression 140
Appendix B: Implicit Debt Discounts and
the Impact of Debt Swaps on Bank Stock Prices 140
Appendix C: Excess Return Regression and
the Termination of the Brazilian Moratorium 142
Notes 142
References 143
Comment, Anthony Sounders 143
viii
, 8. The Rise of the Market Based Menu Approach
X and Its Limitations 146
Michel H.Bouchet andJonathan Hay
The Self Limiting Character of the Concerted Approach 147
The Gradual Erosion in International Banking Cohesion 148
The Emergence of the Menu 150
Problems and Limitations of the Menu Approach 152
Conclusions 157
Notes 158
References 158
Comment, Luis/?. Luis 159
Comment, Richard E. Feinberg 160
9. The Market Based Menu Approach in Action:
The 1988 Brazilian Financing Package 163
Ruben Lamdany
Main Components of the Brazilian Financing Package 163
Currency Switching 165
Retiming Interest Payments 166
The Relending Facility 167
Debt Equity Conversion 169
Exit Bonds 172
Notes 173
References 173
Comment, Silvina Vatnick 174
10. The Baker Plan and Brady Reformulation: An Evaluation 176
WilliamR.Cline
Origins 176
Design 176
Midterm Evolution 178
Results of the Strategy 178
The Next Phase 184
Epilogue: The Brady Plan 187
Notes 190
Appendix. Alternative Measures of Private and
Multilateral Lending duing the Baker Plan Period 191
Notes 192
References 193
Comment, John Shilling 193
Comment, Simon Teitel 196
11. Future Financing Needs of the Highly Indebted Countries 199
IshratHusainandSaumyaMitra
The Record 199
External Financing Needs 200
Prospects for Financing 203
Constraints on Action 204
Scope for Action 206
Notes 208
References 208
Commmt,Mohsin S, Khan 209
ix
PART III Debt Reduction and Recontracting 211
12. Liquidity, Debt Relief, and Conditionality 213
Stijn Claessens and Ishac Diwan
Liquidity, Debt Stock, and Repayment 214
Optimal Allocations with Commitments
by the Debtor 218
Types of Debt Crises and Associated Policies 219
Conclusions 222
Notes 223
References 225
Comment, GuillermoA. Calvo 225
13. How to Cope with a Debt Overhang:
Cut Flows Rather Than Stocks 229
Daniel Cohen
How to Reschedule the Debt 230
A Reappraisal of the Debt Overhang Problem 231
An Empirical Estimate of the Debt Laffer Curve Argument 231
The Elasticity of the Price of Debt 232
A Generalized Buyback Scheme 233
Appendix 233
Notes 234
References 234
Comment, EduardoBorensztein 235
14. Efficient Debt Reduction 239
Jeffrey Sachs
The Basic Efficiency Case for Debt Reduction 241
The Ineffectiveness of Voluntary Debt Reduction 245
Toward Efficient Debt Reduction 250
Conclusions 253
Notes 253
References 256
Comment, Marcelo Selowsky 257
15. Market Based Debt Reduction 258
Stijn Claessens and Ishac Diwan
A Simple Analysis of Buybacks 259
Buybacks and Overall Gains 262
./. Contract Transformation 265
i Conclusions 268
/ Notes 268
Appendix: Debt Reduction and Transformation Schemes 270
Notes 272
References 272
Comment, Ken Rogoff 273
16. Do the Secondary Markets Believe in Life after Debt? 276
VassiltsA Hajivassiliou
Econometric Models of Creditworthiness 278
Empirical Results 280
/ Country Adjustment Efforts versus
/ World Factors Precipitating Debt Crises 283
: Stability of Credihvorthiness Models 284
TheSecondaty5tori etforDeveloptog CountryDebt 284
Conclusions 286
Appendix 1. Econometric Methods for Limited
Dependent Variables Models for Pane! Data 288
x
i
Appendix 2. Data Sources and Construction of Variables 289
Acknowledgments 290
Notes 290
References 291
Comment, HomiKharas 282
Comment, Kenneth A Froot 293
17. Beyond the Debt Crisis:
Alternative Forms of Financing Growth 294
Donald R. Lessord
What Is Alternative Finance? 294
Why Consider Alternative Finance? 295
Modes of Alternative Commercial Financing 295
/ Alternative Financial Instruments 296
Potential Benefits of Alternative Finance 297
Obstacles to Alternative Modes of Finance 299
Alternative Finance with an Existing Debt Overhang 302
Conclusions: How to Get There from Here 304
Notes 305
References 306
Comment, Jonathan Eaton 306
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| spelling | Dealing with the debt crisis the World Bank, Washington, D.C. Ed. by Ishrat Husain ... 2. print. Washington, D.C. 1990 XIV, 308 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier A World Bank symposium Literaturangaben Schuldenkrise (DE-588)4200280-1 gnd rswk-swf Auslandsschulden (DE-588)4003783-6 gnd rswk-swf Weltwirtschaft (DE-588)4065468-0 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf (DE-588)1071861417 Konferenzschrift 1989 Washington DC gnd-content Entwicklungsländer (DE-588)4014954-7 g Auslandsschulden (DE-588)4003783-6 s DE-604 Schuldenkrise (DE-588)4200280-1 s Weltwirtschaft (DE-588)4065468-0 s 1\p DE-604 Husain, Ishrat Sonstige oth Weltbank Sonstige (DE-588)121364-7 oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006793882&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Dealing with the debt crisis Schuldenkrise (DE-588)4200280-1 gnd Auslandsschulden (DE-588)4003783-6 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| subject_GND | (DE-588)4200280-1 (DE-588)4003783-6 (DE-588)4065468-0 (DE-588)4014954-7 (DE-588)1071861417 |
| title | Dealing with the debt crisis |
| title_auth | Dealing with the debt crisis |
| title_exact_search | Dealing with the debt crisis |
| title_full | Dealing with the debt crisis the World Bank, Washington, D.C. Ed. by Ishrat Husain ... |
| title_fullStr | Dealing with the debt crisis the World Bank, Washington, D.C. Ed. by Ishrat Husain ... |
| title_full_unstemmed | Dealing with the debt crisis the World Bank, Washington, D.C. Ed. by Ishrat Husain ... |
| title_short | Dealing with the debt crisis |
| title_sort | dealing with the debt crisis |
| topic | Schuldenkrise (DE-588)4200280-1 gnd Auslandsschulden (DE-588)4003783-6 gnd Weltwirtschaft (DE-588)4065468-0 gnd |
| topic_facet | Schuldenkrise Auslandsschulden Weltwirtschaft Entwicklungsländer Konferenzschrift 1989 Washington DC |
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